Chapter 1: Economics: Foundation and Models
Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!
Scarcity is central to the study of economics because it implies that...
...every choice involves an opportunity cost.
Economists assume that people are:
Rational
Scarcity is described as:
Unlimited wants exceed limited resources available
Economists assume that people are rational in the sense that...
they use all availabl information as they take actions intented to achieve their goals.
